This bill prohibits the New Jersey Economic Development Authority (EDA) from providing any financial assistance, including grants, loans, tax credits, or subsidies, for the development or operation of wind energy projects. It introduces a new section that explicitly states that the EDA shall not issue any form of financial support for wind energy initiatives and amends existing legislation to clarify that funds allocated for energy efficiency and renewable energy projects will not be used for wind energy projects. The bill also removes eligibility for wind energy projects from several programs, including the Global Warming Solutions Fund and the New Jersey Angel Investor Tax Credit program, and repeals a statute that allows tax credits for offshore wind projects.

Additionally, the bill modifies the allocation of funds within the EDA's programs to emphasize support for energy efficiency projects and innovative carbon emissions abatement technologies. It establishes annual limits for tax credits awarded under various programs and allows for the reallocation of uncommitted tax credits to future projects. The bill also updates definitions related to tax credits, enhances support for emerging technology businesses, and ensures compliance with fiscal responsibilities by stipulating conditions for tax credit payments. Overall, the bill aims to redirect financial resources away from wind energy initiatives and towards other energy efficiency and carbon reduction efforts while promoting economic development in New Jersey.

Statutes affected:
Introduced: 26:2C-51, 34:1B-343, 34:1B-362, 34:1B-375, 48:3-87.2, 52:18A-263, 54:10A-5.29, 54A:4-13, 34:1B-209.4